This 1963 Corvette is still in the possession of its original owner, who received the new car as a graduation present. His father paid $4,598 for the ‘Vette, which is powered by a 327-cubic-inch V-8. Today, its odo shows original 81,750 miles. less

This 1963 Corvette is still in the possession of its original owner, who received the new car as a graduation present. His father paid $4,598 for the ‘Vette, which is powered by a 327-cubic-inch V-8. Today, ... more

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1963 Corvette Sting Ray split-window coupe.

1963 Corvette Sting Ray split-window coupe.

Photo: Wieck

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Texas classic car dealer pleads guilty to bank fraud

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A Texas car dealer who admitted padding his financial statements with classic cars he didn't own has been sentenced to three years in federal prison and ordered to pay nearly $1.5 million in restitution.

Among the vehicles Prince falsely claimed to own were a 1963 Chevrolet Corvette, a 1974 Pantera Detomaso, a 1967 Chevrolet Chevelle and a 1938 Ford Custom Street Rod, according to a news release from U.S. Attorney John M. Bales for the Eastern District of Texas.

He owned the business from March 2007 to August 2010, specializing in antique automobile sales, the release stated. During that time, he submitted false personal finance statements and income tax returns to financial institutions to secure credit for himself and the dealership, the release stated.

As a result, the financial institutions incurred losses of about $1.35 million, the release stated.